COMPANY NEWS; HOUSTON EXPLORATION AGREES TO BUY CONOCO PROPERTIES

The Houston Exploration Company, an oil and natural gas concern that is majority owned by the KeySpan Corporation, agreed to buy properties in South Texas from Conoco Inc. for $69 million to add onshore gas reserves. The properties, which include about 28,000 acres, will add 159 wells and increase Houston's gas reserves by 60 percent, the company said. Houston Exploration said the purchase would increase production and add to earnings immediately.